You likely opted to finance your project with a personal loan so that you could spread its cost over a longer period. By insuring your loan, you won't have to worry about everything going according to plan. National Bank Insurance is here to help.
Regardless of the size of the loan you took out, it is a serious budget consideration. You calculated your income and chose a National Bank personal loan to finance your project based on your ability to repay it. Unfortunately, an accident could happen and leave you unable to work and earn an income. Disability insurance will provide you with an extra cushion when you need it.
A disability, resulting from an accident or serious illness, leaves you unable to work. Whether you suffer from tendinitis or an injury due to a car accident or a fall, if you are unable to work, disability insurance will cover your loan payments during that period.1
You may have salary replacement insurance, but it generally will not cover 100% of your income after a certain period. In the event of a disability, you may have to get additional care or arrange for transportation. These are extra expenses that you likely didn't account for in your budget. With disability insurance, your loan payments will be covered so that you can focus your energy on getting better without having to sacrifice your quality of life.
In the event of your death, the insured balance of your loan will be repaid in full. This will prevent your loved ones from having to take on this additional financial burden and will give them peace of mind.